Brian Lian, the President and CEO of Viking Therapeutics, Inc. (NASDAQ:), has sold a significant portion of his company shares, according to a recent filing with the Securities and Exchange Commission. On September 20, 2024, Lian sold a total of 216,130 shares of Viking Therapeutics stock, with the transactions amounting to over $15 million.
The shares were sold in multiple transactions at varying prices. For a batch of 96,056 shares, the sales were made at weighted average prices ranging from $69.90 to $70.89, while another set of 119,874 shares were sold at prices between $70.90 and $71.89. The remaining 200 shares were sold at a weighted average price ranging from $71.97 to $72.00. These sales were executed under a pre-arranged Rule 10b5-1 trading plan, which allows company insiders to sell stocks at predetermined times to avoid accusations of insider trading.
Despite the large sale, Lian still retains a substantial interest in Viking Therapeutics, holding 2,304,927 shares after the transactions were completed. The sale of shares by a high-ranking executive like Lian is a routine occurrence and is often part of personal financial and estate planning strategies.
Viking Therapeutics, headquartered in San Diego, California, is a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders. The company’s stock performance and business developments continue to be watched closely by investors in the pharmaceutical industry.
In other recent news, Viking Therapeutics has been making significant strides in the biopharmaceutical sector. The company reported positive results from its Phase 2 VENTURE trial for obesity treatment with VK2735 and the Phase 2b VOYAGE trial for NASH and fibrosis with VK2809. These developments were accompanied by a robust financial standing, with Viking Therapeutics boasting over $900 million in cash reserves.
Morgan Stanley reaffirmed its Overweight rating on Viking Therapeutics, buoyed by early tolerability results of VK2735, which is being developed as a weight loss treatment. JPMorgan initiated coverage on Viking Therapeutics with an Overweight rating, closely monitoring the company as it approaches a significant milestone with its drug candidate, oral-2735.
Truist Securities maintained a Buy rating on Viking Therapeutics, suggesting that recent market reactions present an opportunity for investors to buy Viking shares. These recent developments underscore the…
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